The XAU/USD traded flat on Monday. The price is stuck between 2150 and 2160. Gold prices bounced from the lower limit of the range and advanced north towards 2160 dollar per ounce. The resistance is at 2160, the support comes in at 2150 dollar per ounce.
The price may reverse some of its losses if it returns to 2160. We expect a downward pressure to persist. In this potential scenario yellow metal will decline to 1310 dollar per ounce.
Brent prices had a negative day yesterday. An attempt to recover stalled at the mark 52.20 dollar per barrel. The price faced a selling pressure and fell to 51.50. The resistance is at 51.50, the support comes in at 50.50 dollars per barrel.
If the downward pressure persists the Brent prices might extend the recovery towards 50.50.
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